HomeBase MetalsKumba and ICT to meet over Sishen access

Kumba and ICT to meet over Sishen access

Jagdish Parekh,
who owns 50% of
ICT through his
Pragat Investments
Johannesburg, South Africa — MININGREVIEW.COM — 30 June 2010 – Imperial Crown Trading “’ the company which was awarded prospecting rights at the world’s fourth-largest source of seaborne iron ore earlier this year “’ plans to hold talks with Kumba Iron Ore Limited within the next two weeks about access to the deposit.

“It doesn’t look like Kumba wants to grant us access,” said Jagdish Parekh, who owns 50% of Imperial through his Pragat Investments vehicle. “ICT has requested a meeting with Imperial’s lawyers,” he revealed

Kumba “’ majority owned by Anglo American Plc “’ is challenging a decision by the Department of Mineral Resources to award Imperial 21.4% of the prospecting rights for Sishen, Africa’s largest open-pit iron ore mine.

Kumba “’ which owns the remaining rights in the mine through its Sishen Iron Limited unit “’ has denied Imperial access to the site because aerial surveys would halt blasting there, internet  news service Sake24 reports, citing Kumba legal head Robert Botha.

The disputed prospecting rights reverted to the state after the previous holder, steelmaker ArcelorMittal South Africa Limited, failed to renew them before a May 2009 deadline. Kumba is disputing the award of the rights to Imperial and has lodged an objection and two appeals with the Department of Mineral Resources, all of which are still to be heard.